Florida Foreclosure Aid Program Going State-Wide

The Florida foreclosure aid program goes state=wide on April 18 giving valuable financial assistance to people struggling to stay in their homes. The executive director of Florida Housing Finance Corporation, Steve Auger has said that qualifying homeowners will get temporary relief from their mortgage payments allowing them breathing room. This should enable them to focus on finding employment that is lucrative enough to cover their payments.

Homeowners who are unemployed or whose salaries don’t cover their basic needs will be able to apply to the Hardest Hit Fund, and money from this fund will also be used to bring mortgage arrears into line for those homeowners who have recently found work or a higher paying job.

Homeowners will be expected to contribute 25% of their monthly income or $70 per month towards the cost of the scheme, and they will only be eligible to receive mortgage payments for six months. If you want to learn on monthly payments that would be for different loan amounts, interest rates and terms, visit www.propillo.com for more information.

They will be able to receive up to $12,000 in mortgage payments or $6000 to repay mortgage arrears. This amount has been reduced from $35,000 to enable twice as many people to be helped, and it’s expected as many as 40,000 people could receive aid under this scheme.

Florida received $1 billion last year which was part of a federal initiative to help those states hardest hit by the economic downturn.

According to figures released by Zillow.com, some prime neighbourhoods in Florida showed price increases of up to 9.3% from February 2010. These figures are based on the median value of homes in a particular postal code. However prices remain artificially low in many areas due to the continued prevalence of distressed homes.